I think - A) Competition is good for some types of goods, not all. (I don't remember/know the correct economic criteria to define this.)
B) IP laws are good/great for some research, and bad/terrible for others.
C) I do not see the current system incentivizing humanity's good over personal/shareholder profit.
D) The current system has 'Human Good' occur as a side effect of rewarding people to do their best. It is vastly better than any system which has existed before. it will be better if we can fix C).
I agree with your points, and think that D and C are incremental improvements to the existing system to try and make with time, rather than a reason to junk the entire thing.
There is good in the system, it needs more people to help managed and identify fraudulent/cheating behavior which is aimed at gaming the system.
I also think we need a smaller net so that fewer things can be patented. Again, this is for the freedom to exchange information and ideas, which leads to the betterment of humanity as a whole.
Everything we do has been built on the ideas and labor of others before us. It makes little sense to me to imagine we will be better off by not letting future generations do the same.
Then you don't have the stick-filesharers-in-jail problem.
On the other hand when it comes to artists and sharing of other similar IP, the current system can do with shorter copyright terms. At least thats my non-nuanced starting point on these discussions.
(!!Science!!)